market talk
Andrew Newman
Newnames for old: 1 (ageas)
o, ‘ageas’ it is. The new name for Fortis in the wake of the disposal of Fortis Holding’s banking assets and its single focus as a global insurance company. This is only the proposed name, I should say; it still has to be approved by the Fortis shareholders at the end of April 2010. The UK business, which makes up one of Fortis’ four key regions alongside Belgium, Continental Europe and Asia, will also be subject to the nam change.
S
At a London press
presentation on 10 March chief executive of Fortis UK Barry Smith described himself as “over the moon” about the new name, and gave an assurance that the name-change had not cost a
fortune in consultancy fees, actually being a title previously used by the parent in Belgium and dating back to 1824. “What’s in a name?” asked Mr Smith, and explained that within ‘ageas’ the ‘ag’ recognises the 180 year heritage’. “The ‘ea’ represents our chosen markets: Europe & Asia. And the ‘as’ stands for assurance.”
If the shareholders approve, the rebrand will be implemented in a controlled way in the UK by the first quarter next year. Plenty of time then for some celebratory bells and whistles between now and then, with the only
uncertainty likely to appear on the faces of sub-editors who will have to wrestle with the uncapitalised ‘ageas’.
Newnames for old:2 (Lonmar)
O
n the very next evening to the event described above, SBJ Global Risks announced their anticipated rebrand to Lonmar Global Risks. In their case the choice of name was somewhat less esoteric, being simply derived from the words ‘London’ and ‘Market’, but nonetheless effective for that.
Chief executive Simon Rice
says the re-branding aims to link Lonmar’s identity with the London insurance market and its global presence for tailored insurance and reinsurance risk solutions to clients in over 70 countries, with annual premiums over $400m. “Since completing our management buyout from AXA six months ago, we have
4 insurancepeople APRIL 2010
been successful in moving the business forward in this highly competitive market. Whilst our name has changed, our commitment and passion for the business is stronger than ever.”
Sky High jinks
T
he ‘Name Game’ presentations mentioned in the two adjoining items differed completely in their style, but the common denominator was the vast panorama of the London skyline. The generously windowed Fortis offices on the 17th floor at 5 Aldermanbury Square were only outdone for height by the Lonmar event which took place in the pinnacle of the London Gherkin. The Fortis event - can’t say ageas quite yet since the change still awaits rubber stamping from the shareholders - was a calm, measured presentation by chief executive Barry Smith and his colleagues, where this early announcement of the new name was just part of a 2009 results report. No secrecy, no balloons and whistles, just an open sharing of information that so easily could have been withheld. The name change
Simon Rice
announcement at the Lonmar event on the other hand was the central theme of the celebration, and so it
Fortis to become ageas SBJ is now Lonmar
inevitably involved all the logistical timings right through the whole process from informing staff; inviting an audience; cutting the ribbon, and getting those goody bags of rebrand mementos ready for collection without giving the game away prematurely. The Lonmar revelation was revealed in a dramatic, yet audience friendly manner. Chief executive Simon Rice gave a brief introduction, and let a specially produced video make the actual announcement of the new name, with all the graphic razzmatazz associated with the art. The acoustics and sound system ensured that everyone on the two top floors at the Gherkin could hear every word he said, and there was no need to rush forward thanks to strategically located monitors.
Both the Fortis/ageas and the SBJ/Lonmar events were organised very professionally and proved a pleasure to attend - unfortunately not always the case in the name game.
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